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Iraq awaits its 2027 budget… assurances that it will focus on securing expenditures and addressing some economic issues.

The Iraqi people are awaiting the 2027 budget to address the country’s financial crisis and to determine the government’s ability to secure operational expenses. These expenses are a major concern for government employees and other groups receiving government payments. Many other sectors, such as farmers, contractors, and companies operating in Iraq, are also waiting for this budget to learn the fate of their dues.

Meanwhile, the government continues to borrow money to pay salaries and secure essential supplies. Parliamentary assurances indicate that the upcoming budget will focus on securing expenditures and implementing some economic reforms in light of the current situation.

Economic expert Dr. Safwan Qusay told Al-Maalomah, “Iraq still lacks a specialized company that purchases debt at a discount, while most countries in the world have such companies that buy debt, whether governmental or otherwise.”

He added, “Iraq needs to establish a clear mechanism for repaying internal and external debts. While borrowing is not difficult and can be undertaken by government ministries, the repayment process requires a defined mechanism.”

He explained that “alleviating the financial crisis requires collecting taxes from companies operating within Iraq and recovering their outstanding debts, in addition to utilizing the credit portfolios offered by the Central Bank.”

For his part, economic expert Abdul Rahman al-Mashhadani told Al-Maalomah that “the government has set an estimated price for a barrel of oil next year between $60 and $70, a figure difficult to rely on given the war and low export rates, as well as the fact that oil is being sold at the port.”

He added that “the initial estimates for the total budget amount to 150 trillion dinars, of which 135 trillion will go to the operational budget (salaries and daily expenses), and a meager 15 trillion for the investment budget, thus deepening the financial deficit to dangerous levels.”

Al-Mashhadani explained that “these challenges and others will be the primary obstacle to finalizing the 2027 budget.” He pointed out that “the crisis coincides with a frightening decline in the reserves of the Central Bank of Iraq as a result of its continued sale of foreign currency to the private sector to finance imports, without any corresponding compensatory dollar inflows.” He revealed that “what has recently reached the Central Bank has not exceeded one billion dollars.”

In a related matter, Member of Parliament’s Finance Committee, Muhammad al-Shammari, told Al-Maalomah that “there is ongoing communication between the Finance Committee and the Ministry of Finance regarding the date for submitting the 2027 budget, and it is expected to reach Parliament in mid-October.” He emphasized that “salaries are secured and there are no concerns about their disbursement.”

He added that “the upcoming budget will be distinctly economic and will focus on economic and financial aspects in line with the requirements of the current phase.” He explained that “the Finance Committee is continuously monitoring the details of preparing the draft budget and the expected date for its submission to Parliament with the relevant government agencies.”

Al-Shammari pointed out that “the early arrival of the draft budget to Parliament would give the Finance Committee ample time to study its articles and allocations, and to discuss the financial and economic sections contained therein, thus contributing to making the necessary amendments and approving it within the specified deadlines.”

He stressed “the importance of expediting the completion of the budget preparation procedures and sending it to the House of Representatives, given its significance in regulating government spending and determining the financial and economic priorities for the next phase.”

Almaalomah.me

Al-Saadi: An agreement to finalize the nine ministerial portfolios may be reached next week.

Former MP Baqir al-Saadi confirmed on Friday that a final agreement on nominating candidates for the remaining ministerial portfolios may be reached during the next week, while noting that there will be important meetings and encounters during the next three days.

Al-Saadi explained in his interview with Al-Maalouma that “there are important consultations and meetings being held between the forces of the Coordination Framework and the rest of the political forces in order to proceed with completing the formation of what remains of the government, in light of the existence of nine ministerial portfolios, including security portfolios that are run by an acting minister.”

He added that “a final agreement to resolve this issue within the next week is very likely, according to the information available to us,” noting that the next three days will witness intensive meetings in Baghdad, and may lead to an agreement that sets a date for a session of the House of Representatives to vote on the candidates for the nine ministerial portfolios.

Al-Saadi pointed out that “it is not yet possible to say for certain that some of the candidates will proceed, as the matter is subject to political consultations, and therefore the ball will remain in the court of the House of Representatives to determine the names that will proceed to assume the nine ministerial portfolios.”

Almaalomah.me

MP holds financial and legal oversight bodies responsible for oil corruption: Recovered funds will not solve the crisis

On Friday, Abu Turab al-Tamimi, a member of the Iraqi parliament, held the financial and legal oversight departments of the Ministry of Oil responsible for the “corruption” linked to the Deputy Minister of Oil, Adnan al-Jumaili, and the Director General of the Oil Products Distribution Company, Hussein Talib, who was arrested on corruption charges.

Al-Tamimi told Shafaq News Agency that “the two departments bear responsibility for corruption because the former Prime Minister, Muhammad Shia Al-Sudani, when he granted Al-Jumaili conditional powers, stipulated that they be consistent with the regulations and laws of the Financial and Legal Control Departments in the Ministry of Oil.”

He added that “the corruption of the Director General of the Oil Products Distribution Company, who was arrested on charges of involvement in corruption cases, exceeds the cases of Adnan al-Jumaili, given that the latter does not have a support base.”

Regarding the possibility that funds recovered from those convicted of corruption cases could contribute to addressing the country’s financial crisis, Al-Tamimi pointed out that recovering these funds could be an important resource, but it is not enough on its own to address the financial crisis.

He continued, saying that “corruption in the Ministry of Electricity is more widespread and significant, but it has not received the same level of attention as corruption in the Ministry of Oil,” noting that there are “numerous corruption cases in some institutions.”

It is worth noting that the case of the Undersecretary of the Ministry of Oil for Refining Affairs, Adnan al-Jumaili, has been ongoing for more than two months, and has affected deputies and officials, a number of whom were arrested in various areas of Baghdad, including the Green Zone, as part of what was known as the “Dawn Charge”.

According to government data and statements, the subsequent measures resulted in the seizure of billions of Iraqi dinars and millions of dollars, as well as jewelry and gold bullion, in homes and farms belonging to Iraqi officials and politicians.

Last July, Iraqi security forces in Baghdad arrested Hussein Talib Aboud Marouh Al-Fadhli, the general manager of the Oil Products Distribution Company, hours before he was scheduled to be sworn in as a replacement member of the Iraqi parliament.

Meanwhile, the judiciary and the Integrity Commission vowed to continue pursuing and arresting those accused of corruption, as part of a campaign launched by Prime Minister Ali Faleh al-Zaidi to combat corruption.

Shafaq.com

Documents reveal details of the verdict: imprisonment, fine, and confiscation of real estate and vehicles belonging to former MP Talal al-Zubaie.

Court documents obtained by Shafaq News Agency revealed details of the verdict issued by the Central Anti-Corruption Criminal Court against former MP Talal Khudair Abbas Kaid Al-Zubaidi, including criminal and financial penalties and the confiscation of a wide range of movable and immovable assets.

According to documents dated August 30, 2026, the court issued its ruling of seven years imprisonment for the convicted Talal Al-Zubaidi, based on the provisions of Article (19/ Second) and in reference to Article (16/ First/ B) of the Integrity and Illicit Gains Commission Law No. 30 of 2011, as amended.

Determining inflation and financial penalties

The court ruling obligated the convicted person to pay the amount of illicit gains and inflated funds amounting to 5 billion, 549 million, 969 thousand Iraqi dinars, in addition to the amount of 128 million, 961 thousand US dollars.

The ruling also obliged the convicted person to pay a financial penalty equal to the value of the illicit gains and inflation, while continuing his imprisonment and not releasing him after the expiry of the sentence period except after paying all the amounts and fines imposed on him.

Property and confiscation details

The decision included the confiscation of a number of properties and funds for the benefit of the Ministry of Finance, most notably:

Properties inside Iraq: Property No. (5262/3 M 20 Al-Dawudi), and Property (2933/406 M Karrada Maryam).

Apartments outside Iraq: Residential apartment number (4252/AW) located in the Jordanian capital, Amman.

Money and possessions: Confiscation of sums of money seized in Iraqi currency, US dollars and Jordanian dinars, in addition to the confiscation of 10 wristwatches, 17 prayer beads and gold jewelry.

Confiscation of cars and purchases

The court also ordered the confiscation of a fleet of luxury cars registered to and used by the convicted man and his family, including:

Two Land Cruiser vehicles, models 2014 and 2022.

Mercedes Station Wagon, 2021 model.

GMC car, 2025 model.

Land Cruiser 2024 model.

A 2023 model “Armored Land Cruiser”.

Precautionary seizure and failure to provide proof

The justifications contained in the documents indicated the imposition of a precautionary seizure on the movable and immovable assets of the convicted person, his wife and children, confirming Al-Zubaidi’s inability to prove the legitimacy of the sources of his money and real estate and his claims regarding the ownership of profits from a business or companies that have been inactive for years, in addition to his failure to declare them in the financial disclosure forms to the Integrity Commission.

Shafaq.com

Syrian-Iraqi trade is recovering… Oil and transit open a new route

Trade between Syria and Iraq is gradually recovering, with the return of activity at border crossings and the emergence of new routes in the energy and transit sectors, amid expectations of increased trade in the coming months.

Louay Al-Ashqar, a member of the board of directors of the Damascus Chamber of Commerce, told Shafaq News Agency that the current volume of trade between Syria and Iraq is still modest and does not reflect the available potential, noting that trade through the Al-Qaim-Al-Bukamal crossing used to reach about one billion dollars annually before 2011.

Al-Ashqar explained that Syria at that time provided between 60 and 80% of Iraq’s imports of food, clothing and medicines, while Syrian exports to Iraq amounted to $58 million in 2024 and $62 million in 2025.

He added that “the current low level of trade is not related to a decline in demand, but rather to the closure of border crossings and the repercussions of the war, at a time when Iraq relies heavily on imports to meet its needs.”

Al-Ashqar continued, saying that Syrian exports to Iraq are currently concentrated in vegetables and fruits, food industries, clothing and textiles, plastics, medicines and detergents. In contrast, Syria used to import dates, date paste and wheat from Iraq, while the exchange is currently witnessing a remarkable shift towards the energy sector.

He pointed out that Iraq began in April 2026 to transport fuel oil and crude oil by truck through Syrian territory to the port of Banias for re-export, at a rate of up to 900 trucks per day, in a move aimed at bypassing the Strait of Hormuz. He indicated that four sectors are poised for rapid growth in the coming period: agriculture and food industries, pharmaceuticals and plastics, building materials and reconstruction, in addition to the energy and transit sector, which he described as the most important, with the possibility of turning Syria into a corridor for exporting Iraqi oil to the Mediterranean.

Regarding the digital targets for trade exchange, Al-Ashqar pointed out that there is no official figure announced by the two governments so far, explaining that there has been an agreement since the beginning of 2026 to open the import and export of all materials according to the principle of reciprocity.

According to the Syrian official, the Iraqi border authority expected that the opening of the “Rabia – Yarubiyah” border crossing would lead to an increase in trade exchange of between 10 and 20% during the first few months, while it is expected that trade will gradually return to much higher levels than the current ones.

According to Al-Ashqar, traders face three main obstacles: the frequent closure of border crossings, the failure to register Syrian companies in Iraq, and the absence of official banking channels, which forces traders to resort to unofficial remittances, in addition to the high costs of production in Syria. He added that the obstacles are not limited to the customs aspect, but are distributed across three axes: the first is customs and regulatory and relates to specifications and company registration; the second is logistical and relates to the closure of border crossings and the high costs of transportation and insurance; and the third is financial as a result of the absence of banking links.

He noted that steps have been taken to speed up the movement of trucks, including the reopening of the Al-Qaim-Al-Bukamal crossing in June 2025, where more than 7,000 trucks have crossed since its reopening. He explained that the recent reopening of the Rabia-Al-Yarubiyah crossing aims to relieve pressure on other crossings and speed up the movement of trade.

He also pointed to the expansion of unloading capacity at the port of Banias, in addition to opening offices for the Iraqi SOMO company, stressing that there is a trend towards simplifying documents and reducing fees, noting that the agreement on the principle of reciprocity represents the basis for this.

He concluded by saying that the Iraqi side announced that operating the Rabia crossing would reduce waiting times and logistical costs, but so far no new unified fee schedule has been issued. He pointed out that traders have begun to see partial results since last June with the return of truck traffic, but tangible and significant results remain linked to the continued opening of the two crossings, achieving security stability, and simplifying procedures.

On Friday, July 17, Iraq and Syria, under US auspices, signed a memorandum of understanding to rehabilitate and operate the Kirkuk-Banias oil pipeline, which had ceased operations due to damage sustained during the US invasion of Iraq in 2003.

The agreement and memorandum of understanding were signed in Washington, D.C., between the Basra Oil Company and the Syrian Petroleum Company, in the presence of U.S. Energy Secretary Chris Wright and Iraqi Prime Minister Ali al-Zaidi. The U.S. company Chevron, through an international consortium, will manage the technical and financial aspects of the rehabilitation project.

The Iraqi market is considered one of the most important foreign markets neighboring Syria, due to its large  economic size and strong geographical and social ties between the two countries.

On August 5, an Iraqi trade delegation, including members of the Baghdad Chamber of Commerce and businessmen, discussed with the head of the Federation of Syrian Chambers of Commerce, Alaa Al-Ali, at the Federation’s building in Damascus, ways to expand economic cooperation and open new horizons for joint investment between the two countries.

Osama al-Qadi, the senior advisor to the Syrian Ministry of Economy and Industry, told Shafaq  News Agency on May 22 that “the Iraqi market represents a strategic opportunity for the Syrian economy, as Damascus and Baghdad seek to strengthen cooperation and trade partnership in a way that serves the interests of both countries and contributes to the development of national economies in the medium and long term.”

The Iraqi-Syrian border crossing of Al-Qaim is considered one of the important gateways for trade between the two countries, as the volume of trade through it reached one billion dollars during 2024, according to statistics from the Iraqi-Syrian Business Council.

Sfaq.com

MP: The anti-corruption crackdown must include corrupt leaders and figures.

MP Mohammed Abu Al-Eis affirmed on Thursday that the anti-corruption campaign must include leaders and figures suspected of corruption, clarifying that combating corruption should not be limited to specific entities or levels.

Abu Al-Eis told the Information Agency, “The anti-corruption campaign must include leaders and figures proven to be involved in corruption,” stressing the necessity of handling all cases within the legal framework.

He added, “Combating corruption requires including all individuals accused of corruption without exception or selectivity,” emphasizing the importance of taking the necessary measures against anyone found responsible.

He pointed out that achieving tangible results in this matter necessitates pursuing corruption cases and exposing those involved, thus strengthening efforts to protect public funds and solidify the principle of accountability.
Earlier, MP Ahmed Kain called on the Prime Minister to launch new anti-corruption campaigns and not be satisfied with the measures taken within what was known as “Operation Dawn.”

Almaalomah.me

Al-Zaydi directs the establishment of a new modern city in each governorate

Prime Minister Ali Faleh al-Zaidi directed on Thursday that each governorate be responsible for establishing a new modern city with an area ranging between 10,000 and 15,000 dunams.

The Prime Minister’s Media Office stated in a press release received by the Information Agency that “al-Zaidi emphasized, during his meeting with the heads of investment authorities in all governorates, in the presence of the Minister of Finance, the Director of the Prime Minister’s Office, the Governor of the Central Bank of Iraq, the Head of the Higher Coordination Committee for Governorates, and the Head of the National Investment Commission, the importance of adopting a new vision for investment and urban development.

This vision is based on creating integrated, modern cities in all governorates, which will contribute to expanding investment activity, achieving balanced and sustainable development, and creating new urban environments that can accommodate population and economic growth.”

The statement added that “al-Zaidi directed that each governorate be responsible for establishing a new modern city with an area ranging between 10,000 and 15,000 dunams, ensuring that its design reflects the governorate’s unique characteristics, history, heritage, and geographical features, and that it bears its name.”

He explained that “Al-Zaydi directed that investment authorities in the governorates be granted investment loans specifically for establishing the infrastructure of the new cities, ensuring the provision of essential services in a comprehensive manner,” emphasizing the necessity for “these cities to become urban development hubs and a qualitative addition to the governorates, providing an attractive environment for residents, investment, and economic and service activities.”

According to the statement, Al-Zaydi also directed “the formation of a specialized committee to study the project urgently and develop appropriate implementation mechanisms, as well as instructing investment authorities in the governorates to submit a comprehensive vision for the project within a week, including plans, proposals, and the necessary requirements to begin implementation.”

He added that “Al-Zaydi directed the Ministry of Finance to facilitate the procedures for sorting and allocating the land needed to establish the new cities, ensuring the swift completion of the project’s requirements and the commencement of implementation.”

Almaalomah.me

A member of parliament identifies the main challenges facing the 2027 budget.

Member of Parliament Salem Shamel identified on Thursday the most prominent financial challenges facing the preparation of the 2027 budget, emphasizing that the lack of financial resources has become a major obstacle to funding both the operational and investment aspects of the state.
Shamel stated in an exclusive interview with the Information Agency that “the lack of liquidity and financial resources has a direct and complex impact on the mechanisms for preparing the 2027 budget, and represents the most significant challenge that could hinder its approval in Parliament.”

He added that “the most prominent reason for the shortage of funds and the decline in revenues is the disruption of Iraq’s crude oil exports as a result of the continued American aggression against the Islamic Republic of Iran, which led to the closure of the Strait of Hormuz, the main shipping lane and export outlet.”

Shamel added that “the government is facing immense pressure due to internal challenges, namely the urgent need to fund stalled and unfinished projects, as well as to secure employee salaries, promotions, bonuses, and the regularization of contract and daily wage workers.” He pointed out that “the issue of appointing long-serving graduates, top-ranking students, holders of advanced degrees, doctors, and healthcare professionals requires enormous sums that cannot be provided under the current crisis.”

Almaalomah.me

Parliamentary Integrity: Auditing contracts and projects before their implementation protects public funds from corruption.

Member of the Parliamentary Integrity Committee, Ahmed Shaheed, affirmed on Thursday that combating corruption requires a shift from reactive measures to preventative ones. This includes auditing contracts and monitoring projects before and during their implementation to ensure the preservation of public funds. He also noted the importance of recent government directives in this regard.

Shaheed told the Information Agency that “project monitoring should encompass both governorates and ministries, with oversight levels commensurate with the project’s size and cost, especially for projects with large financial allocations, as these represent a priority in oversight work.”

He added that “curbing corruption requires activating the law rewarding whistleblowers who report corruption cases, strengthening oversight at border crossings, and pursuing corruption cases and exposing those involved within the legal framework.” He emphasized “the necessity of cooperation among all oversight and executive institutions.”

He further highlighted “the importance of monthly and quarterly reports on anti-corruption efforts, as they contribute to monitoring progress rates, identifying shortcomings, and addressing deficiencies,” calling for “translating oversight measures into tangible results on the ground.”AShahid noted that “the Prime Minister stressed that the Integrity Commission represents the first line of defense against corruption,” emphasizing the necessity for its work “not to be limited to oversight but to extend to prevention, with instructions to monitor provincial projects in the same way as ministerial projects.”

Almaalomah.me